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Give a short concise definition for the following terms and explain their relationship to the study of economics.
a.marginal physical product
b.marginal revenue product
c.law of diminishing returnsdeconomies of scale
Conducting Observation
The systematic process of recording the behavioral patterns of people, objects, and occurrences as they happen.
Individual
A single human being as distinct from a group, class, or family.
Acting Out
A behavioral response to stress, conflict, or other psychological issues, characterized by actions rather than reflections or feelings.
Valid Observation
An observation that accurately reflects the phenomenon it is intended to represent, providing reliable data.
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